EARNINGS / SAN MIGUEL’S BEER BUSINESS HIT P38.3B IN SALES

SAN Miguel Food and Beverage Inc. maintained its growth momentum in the first quarter of the year, even as it faced multiple headwinds from inflationary pressures, excise tax increases and continuing geopolitical uncertainties, among others. Consolidated revenue rose 12 percent to P93.2 billion, and it was driven by strong volume growth from its key businesses. Consolidated Ebitda (earnings before interest, taxes, depreciation and amortization) was 10 percent, better than the same period last year at P17.2 billion with overall Ebitda margins sustained at 19 percent. Consolidated net income increased eight percent to P9.9 billion. SMFB’s beer business posted stellar first-quarter results with consolidated sales that reached P38.3 billion, a 29 percent increase from the same period last year. Both its domestic and international operations posted positive sales performances with the easing of Covid-19 restrictions in markets where it operates. Sales from beer’s domestic operations jumped 29 percent to P34 billion, largely on account of higher sales volume. Domestic beer volumes grew 26 percent. On the other hand, revenue from its international operations rose 27 percent, largely because of stronger volumes, particularly from its export, Hong Kong, South China, Thailand and Vietnam operations. SMFB’s spirits business generated revenues of P12.9 billion, three percent higher year-on-year. Meanwhile, sales for SMFB’s food business improved by three percent to P41.9 billion, driven by strategic pricing across all its segments.